Women’s Day, Bitcoin, and NFT-Related Altcoins
It was a great day for the cryptocurrency market, as it saw an influx of activity on March 8 that helped to boost the vast majority of the top tokens. As a reminder, the world celebrated International Women’s Day on March 8. Interestingly, Bitcoin surpassed $50,000. Importantly, its recovery back above $50,000 was followed by a new wave of bullish optimism.
People should keep in mind that, Bitcoin’s daily close above the key $52,000 level signals that bulls intend to make a second attempt at securing a new all-time high.
According to a recent analysis, professional traders remain hesitant to open new BTC long positions due to the strengthening dollar index and rising Treasury yields. However, large corporations are buying BTC at an accelerated rate leading to heavy outflows from exchanges. Importantly, Bitcoin price secured a daily close above $52,000. As a result, it is possible that these reluctant traders will open new long positions.
Bitcoin and non-fungible tokens
As stated above, it was a good day for Bitcoin. Moreover, altcoins moved significantly higher as many top projects reached all-time highs on Monday. It is worth mentioning that, non-fungible tokens (NFT) projects like Ultra (UOS), Theta (THETA) as well as Enjin (ENJ) all managed double-digit gains. Interestingly, they reached new yearly highs during Monday’s trading session.
For example, UOS price jumped 21% to establish a record high of $0.452. It makes sense, as the excitement grows around the project’s mainnet launch which will enable cross-chain and NFT capabilities.
Let’s have a look at Theta. It is a blockchain-based video streaming platform. It also reached a new all-time high of $4.98 in front of the long-awaited hard fork on March 10.
As a reminder, Theta performed strongly throughout February. The introduction of non-fungible tokens for streamers helped this blockchain-based video streaming platform. Moreover, Sony’s European subsidiary joined the validator program of the Theta Network. Interestingly, Sony Europe’s research and development group, the Center Europe Brussels Laboratory joined Theta’s enterprise validator and governance council program.
People should keep in mind that, the validator program includes major technology firms like Google and Samsung. Moreover, Binance, Blockchain.com, and Gumi also participate in this program.
Furthermore, Enjin reached a new all-time high of $1.76 on March 5 as the project’s focus on creating a wide-ranging NFT ecosystem is beginning to pay off.
As mentioned above, Bitcoin exceeded $50,000 on Monday. At the moment its price is $54,044.
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